Pacificnet, Inc.
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_____________________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report: September
5, 2006
(Date
of
earliest event reported)
____________________________
PACIFICNET
INC.
(Exact
name of registrant as specified in charter)
Delaware
(State
or other Jurisdiction of Incorporation or Organization)
|
000-24985
(Commission
File Number)
|
|
91-2118007
(IRS
Employer Identification No.)
|
c/o
PacificNet Inc.
23/F,
Tower A, TimeCourt, No.6 Shuguang Xili,
Chaoyang
District, Beijing, China 100028
(Address
of Principal Executive Offices and zip code)
011-852-2876-2900
(Registrant’s
telephone
number,
including area code)
______________________________________________________
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of registrant under any of the following
provisions:
[
] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[
] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17
CFR
240.14a-12(b))
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item
5.02 - Departure of Directors or Principal Officers; Election of Directors,
Appointment of Principal Officers.
On
September 5, 2006, the Board of Directors (the “Board”) of PacificNet Inc. (the
“Company”) by unanimous written consent appointed Joseph Levinson to serve as
Chief Financial Officer of the Company. With his appointment, Mr. Victor Tong,
President of the Company resigned as Interim Chief Financial Officer. A press
release was published on September 5, 2006 to this effect and a copy of it
is
attached to this report as Exhibit 99.1.
During
the 1990’s, Mr. Levinson was Corporate Development Officer of Hong Kong-listed
China Strategic Holdings (“CSH”), where he was responsible for its public
subsidiaries China Tire and Asia Resources Holdings. He later worked on numerous
Asian clients at KPMG, and from 2000 to 2001, he was a manager at Deloitte
&
Touche in New York. Since 2001, Mr. Levinson holds senior positions in Chinese
companies, including as CFO of a China-based media company and as a consultant
for various Chinese companies seeking to list overseas. Currently, he acts
as
CFO of Global Pharmatech, Inc. an OTCBB-listed Chinese pharmaceutical company.
Mr. Levinson has been a CPA since 1996.
The
Company has entered into a consulting services agreement with Levinson Services
Partners, of which Mr. Levinson is manager, which sets forth Mr. Levinson’s
duties as the CFO of the Company and the terms of his compensation. The
agreement is for a term of three (3) years commencing on September 5, 2006.
As
compensation for Mr. Levinson’s services he shall receive expense reimbursement
and the following salary and other benefits:
(a)
Base
Salary equal to US$120,000 per annum, payable monthly in equal
installments;
(b)
Stock
Options to purchase up to 12,000 shares of Company common stock per year,
vesting in equal installments over a 10 month period, and
(c)
Stock
Options granted on an annual basis which vest only if the stock price of
PacificNet common stock reaches certain thresholds.
The
stock
options shall be granted to Mr. Levinson under the Company’s 2005 Stock Option
Plan.
Mr.
Levinson has no family relationships with any of the executive officers or
directors of the Company. There have been no transactions in the past two years
to which the Company or any of its subsidiaries was or is to be a party, in
which Mr. Levinson had, or will have, a direct or indirect material interest.
Item
9.01. Financial
Statements and Exhibits
(d)
Exhibits
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release Dated September 5, 2006
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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|
|
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PACIFICNET
INC. |
|
|
|
| Date: September
11, 2006 |
By: |
/s/ Victor
Tong |
| |
|
| |
Name:
Victor Tong
Title:
President
|
Exhibit
Index
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release Dated September 5, 2006
|